Economy of East Asia
Statistics | |
---|---|
Population | 1.6 billion[1][2] |
GDP | |
GDP growth | 3.8% (2023 est.)[5] |
GDP per capita | |
2.2% (2023 est.)[8] | |
Unemployment | 4.2% (2021)[9] |
Public finances | |
105.9% of GDP (2023 est.)[10] | |
Most numbers are from the International Monetary Fund. IMF East Asia Datasets All values, unless otherwise stated, are in US dollars. |
The economy of East Asia comprises 1.6 billion people (20% of the
East Asia's economic prominence has grown significantly in recent years, increasing its importance and influence in Asia and the world economy.[14][15] Recent developments have led to an expanding cosmopolitan middle class. East Asian countries are vital contributors to central global communications and trade networks, developing relations with other nations, including those of the Western world, making them a significant contributor to the global economy.[16] The region's economic success was referred to as "An East Asian Renaissance" by the World Bank in 2007.[17]
Since the early 20th century, East Asia has been home to two of the world's largest economies, with mainland China and Japan being the second and third largest, respectively.
Rapid modernisation, and a focus on
History
Ancient East Asia was economically dominated by two states known today as China and Japan. These two ancient states traded abundant raw materials and high-quality manufactured goods, exchanged cultural ideas and practices, and had military conflicts with each other throughout the centuries.[24]
China
For much of East Asia's history, China was the largest and most advanced economy in the region and globally as a whole.[25][26][27][28][29][30][31] Historically from the 1st until the 19th century, China was one of the leading global economic powers for most of the two millennia.[32][33][34] The history of trade in East Asia was largely shaped by the history of trade within Ancient China. During the Han dynasty, China gradually became the largest economy in the ancient world.[35] Han China hosted the largest unified population in East Asia, the most literate and urbanised, the most economically developed, and the most technologically and culturally advanced civilisation in the region at the time.[36][37] Han China had economic contacts with Persia and the Roman empire, trading silk, minerals, and spices through the famous Silk Road.[38] During the Tang dynasty, China had a multitude of religions that invigorated the many dynamic aspects of Tang cultural and intellectual life. This productive economy generated substantial tax revenues to fund a competent, credible, and efficient political bureaucracy that administered a vast empire and possessed the world's most advanced science and technology.[39] By 1100, the Song dynasty hosted a population of almost 100 million people while large cities had over 1 million inhabitants, a sophisticated medieval economic system boasting the use of paper money (written business contracts, mercantile credits, checks, promissory notes, bills of exchange), and was a maritime naval power with extensive and flourishing trade contacts with Southeast Asia.[40][41][42] For much of East Asia's economic history, China was one of the most developed economies. After the Fall of the Western Roman Empire, for a thousand years, from 500 AD to 1500 AD, China was the wealthiest country in East Asia in the aggregate total in addition to per capita income.[21] According to The Economist, China was not only the largest economy for much of recorded history for 1800 years of the past two millennia, but it was the world's largest until the end of the 15th century boasting the world's highest per capita income and most advanced technology at the time.[25][43][27][44] Throughout this period, China outperformed its fellow East Asian and distant European counterparts regarding technological development and economic growth, culminating in its ability to maintain a massive territorial empire throughout succeeding medieval Chinese dynasties.[44] Despite economic stagnation after 1450 and the rise of early modern Europe, China's economy remained the world's largest from the 1500s until 1820 as the world's most populous country and remained the world's largest economy up until 1885, a figure higher than the US economy at the height of its economic dominance after World War II.[45] China was the wealthiest part of the world from 1200 to the 1300s — aside from Italy until the European Renaissance took off during the late Middle Ages and the modern Western World and Japan overtook China during the mid- and late 19th century.[46][26][47][48] China accounted for around one-quarter of the global GDP until the late 1700s, and approximately one-third of the global GDP in 1820 as the Industrial Revolution was beginning in Great Britain.[49][21][50][51] China's GDP in 1820 was six times as large as Britain's, the largest economy in Europe — and almost 20 times the GDP of the nascent United States.[52]
Japan
Ancient Chinese coinage and money was introduced to Japan about 1500 years ago during the during early Han dynasty. The Japanese did not mint coins from copper and silver until 708 AD and paper money was introduced in 1661. Japan during the Yayoi period engaged in intensive rice agriculture in paddy fields introduced from southern China via the Ryukyu Islands which developed a manorial feudal economy similar to that of medieval Europe.[53]
As the Yayoi economy used no form of currency, bartering was used to trade goods and services, predominantly farm implements. Yayoi farmers fished, hunted, gathered and farmed. The introduction of a highly advanced form of rice cultivation using irrigation propelled the Yayoi economy.[54] Terraced paddy fields made the Yayoi more successful in the growing of rice that surpluses were often produced. The agricultural surpluses produced by the manorial Yayoi economy stimulated Japan's early handicraft industries and the establishment of urban villages and permanent settlements started to appear in the Yayoi agricultural community as cities didn't exist at that time.[55] As the Yayoi economy became more sophisticated, Japanese craftsmen began to venture in metallurgy and began to develop their own tools such as swords, arrowheads, axes, chisels, knives, sickles, and fishhooks. Decorative items such as ceremonial bells and mirrors were used as religious rituals and status symbols.[56] As the Yayoi population increased, the society became more stratified and complex. They wove textiles, lived in permanent farming villages, and constructed buildings with wood and stone. Yayoi merchants and farmers also accumulated wealth through land ownership and the storage of grain. Such factors promoted the development of distinct social classes. Contemporary Chinese sources described the people as having tattoos and other bodily markings which indicated differences in socioeconomic status.[57]
In ancient Japan, a person's wealth was described in kokus and measured in bales of rice.[58] One koku was 47 gallons (180 liters) of rice. As rice signified money, large quantities of rice had to be stored and distributed nationally. Moreover, the imperial Japanese tax system was based on rice and it taxed peasants with rice and paid the salaries of high ranking government workers with it.[58] Additional trade goods made from rice such as sake, rice wine, and vinegar were used as commodity money. Soon, rice played an important role in Japan's economy and was used as currency for more than a millennium.[58] Small amounts of trade Japan and China began around 2000 BC when Chinese merchants sailed across the East China Sea to Japan in wooden canoes. The two nations increased their economic relations greatly by the 1st century AD when Japanese envoys were sent to Korea and China. Japanese silk was in high demand by the ancient Koreans and Chinese as it was used produce clothing.[58] Bronze tools and gold was traded with the Koreans while Chinese traded bronze mirrors, bells, swords, spearheads, rice and gold ores mined in the Japanese mountains.[58]
From the end of the 7th century to the 8th century, Japan introduced various sociopolitical systems imported from Tang China in order to create a centralized government based on the medieval Japanese
The Japanese economy enjoyed a period of growth and prosperity during the medieval era.[61] As medieval Japanese society became more advanced, East Asia's first marketplaces began to take root as entrepreneurial merchants and artisans supplied manufactured goods to opening markets throughout the entire country. Self-employed artisans lived in settlements as villages and towns began to take shape, creating a tradition of handicrafts. As the marketplaces became more sophisticated and advanced, market towns began to develop with important food and livestock markets and feudal landlords would begin to cash in on crops worked and tilled by peasants. Major cities would grow into silk, porcelain, and cotton centers providing work for a lot of people and made inter-regional trade easier so merchants and consumers participated in a local market system to exchange goods and services with one another. In addition, improvements in agriculture contributed to economic growth as new strains of rice resisted droughts and disease, and fertilizers allowed double cropping of fields with better irrigation techniques to help farmers produce greater surpluses.[61] The use of copper-alloy coins greatly facilitated Japanese estates to sell extra produce in the marketplaces. In addition, merchants began to form their own communities and began to exercise economic power and great wealth even though Japan was dominated by a feudal-military system led by warrior samurais and daimyos who exercised great control over various competing semi-autonomous domains across the Japanese archipelago.[61]
In the middle of the 12th century, Chinese coins began to flow into Japan and were beginning to be used as a form of currency.[61] Coins became widespread by the 13th century as the use of the coins was spread among commoners and the Kamakura Shogunate government and imperial court, which initially disapproved of their use, but eventually accepted the used of the coins. Coins eventually replaced bartering and commodity money such as rice, silk, and hemp as a form of economic exchange.[62] These coins were widely circulated throughout the medieval Japanese economy, and coins promoted the commodity economy. The Japanese government suspended the issue of coins until the 16th century, leaving Japanese commoners with only the Chinese coins (toraisen) to use. To address the increased demand for coins, privately minted Japanese coins (shichusen) were circulated, but the quality of these coins differed by type.[62] The Japanese began to classify these various coins by type or quality (the practice known as "erizeni"). As the result, "erizeni" caused confusion in the nation's coin circulation. As the inflow of coins from Ming China disrupted in the latter half of the Japanese economy during the 16th century, rice, gold and silver served as a medium of exchange and evaluating monetary value.[62]
During the Tokugawa period, the Japanese rice-based feudal economy grew significantly as a stronger emphasis on agricultural production led to greater economic output.[63] In addition, Japan's commerce and manufacturing industries began to expand which led to an increasingly influential merchant business elite, handling and distributing goods and services and enabling them to pursue new opportunities for creating businesses. The growth of the merchant class also fueled the growth of early modern Japanese cities. Villages, which operated as largely independent units, also expanded with economic activity gradually shifting from subsistence farming to a more sophisticated commercial agricultural based and relatively advanced technology greatly improved the quality of domestic Japanese made handicrafts such as silk production, textile weaving, and sake brewing.
Korea
In ancient East Asia, Korea served as a cultural and economic bridge between China and Japan.[24] Ancient Korea maintained close cultural, economic and political ties the various succeeding Chinese dynasties, although there were significant periods of conflict between the two areas. China was also Korea's maritime partner, having a long history dating back thousands of years when ancient Korea commenced trade with ancient China through the Shandong Province through the Yellow Sea route.[64] Its archipelago neighbor Japan was another ancient East Asian trading partner that was also involved in Korean economic and cultural exchange.[65]
Korea did not begin to use money until the Goryeo period when coins began to flow in during China's Song dynasty (960–1279 AD) were imported and began to circulate.
Korea experienced a golden age during the King Sejong period of the Joseon Dynasty.
The Joseon government also subsidized the agricultural industry and land reclamation projects to increase food production – the growing of rice, barley, buckwheat, beans, ginseng, cotton and potatoes. Accompanying the agriculturally based prosperity came with the increased use of irrigation and a modern monetary economy was beginning to emerge.
By the eighteenth and nineteenth centuries, rice productivity declined in addition to deforestation and natural disasters contributed to the slowdown of the Joseon economy. Grain storage became a target for corrupt politicians and tax exemptions ceased to exist to agricultural production from 1860 onward.
Taiwan
The recordkeeping and development of the economic history of Taiwan started during the
In 1662, the Ming general
Japanese capital flooded into Taiwan and large Japanese-owned firms would overshadow the Taiwanese firms paving the way for Taiwan to achieve full-blown capitalism. As a result, Japanese colonial intentions were made to modernize the island's economy, industry, and public works rather than exploitation, subjugation and oppression.[87] New and advanced ideas, concepts, inputs and values were introduced to the Taiwanese from the Japanese through its own process of modern industrialization.[87] Taiwan would soon modernize its infrastructure through several public works projects such by establishing railway and shipping lines, telegraph and telephone systems, shipyards, and public education to prepare the country for further development.[87] Small and medium-sized Taiwanese manufacturing companies flourished as some 310,000 to 410,000 Taiwanese farms and landlords grew and sold paddy rice along with some 3300 local Taiwanese firms serving as refined millers.[87] Despite previous domination of the import-export trade by native Taiwanese merchants, the production, distribution, and the import-export trade was almost entirely under control by the Japanese as new developments of modern capitalism began to take root in Taiwan.[88] From the early to mid-twentieth century, Taiwan was predominantly an agricultural economy despite its lack of arable land located in a subtropical zone prone to plant diseases and bugs that did not make the island conducive for agriculture.[89] To cope with Taiwan's natural disadvantages, Japan began investing in intensive research and development and established rural institutions to create new methods of agricultural cultivation such as modern irrigation systems, newer and improved breeds of plants and crops that resisted changes in weather patterns, diseases, and bugs.[90] Through modern irrigation and agricultural cultivation techniques, Taiwan would soon become the advanced rice producing country in East Asia between 1930s to the 1950s.[91] In 1940, Taiwan produced more than 50 times its fair share of rice in terms of total proportion and 3.3 times its share in the total world population at that time. Taiwan was a formidable agricultural exporting economy exporting a myriad of crops in large quantities.[92]
As the 1930s loomed, Taiwan began to lose its competitive edge as an agricultural output reached its limit: The arable land was exhausted and reached their ceilings. The lack of resources and rapid militarization and industrialization of Japan forced Taiwan to readjust its economic structure.[93] From 1937 on wards, Taiwan began to place a heavy emphasis on industrial manufacturing, primarily military supplies and equipment (including metal processing and refinery, machinery, weapons, airplanes, and automobiles), petroleum, chemicals, and pharmaceuticals. Light industries such as light bulbs, glass, inks, pencils, porcelain, radios, leather, nail, and agricultural machinery was also developed for war-time self-sufficiency. By 1939, Taiwan's industrial manufacturing output exceeded its agricultural output for the first time in its economic history, a trend that would continue after the war until the 1960s.[94] As a result of Japanese colonialism, Taiwan was able to produce a variety of different agricultural products in numerous quantities along with advanced pre-war transportation, communication, and educational pieces of infrastructure to help develop industry in Taiwan massively and efficiently.[95]
When World War II ended in 1945, the amount of damage done to Taiwan was minimal and its agricultural sector was highly advanced. Due to the
Modern era
Until the early 19th century, the economies of East Asia together was larger than today's high-income economies combined measured in purchasing power parity terms. The share of China and East Asia declined significantly up until the 1950s. By the 1960s, East Asia began to make its mark on the world economy when it began growing faster than the high-income economies of the Western World and today their share accounts for one-third of the global output and one-half in PPP terms.[97] The region now accounts for one-third of the global economic output and almost half of the recent global economic growth.[18] With the affluence and wealth in East Asia, East Asia sees modern science and technology as a major imperative for economic advancement. East Asians value education in these fields more than the liberal arts, social sciences, and humanities.[98] In addition, China and Japan are now investing billions of dollars into their universities and research institutes to create more cutting edge goods and services.[99]
Present growth in East Asia has now shifted to mainland China. As of 2019, Japan, South Korea, Taiwan, and Hong Kong are the four East Asian countries and regions that are considered developed markets by most economic indexes, and Singapore is the sole developed market by all economic indexes in Southeast Asia. Since the end of the 20th century, Japan's role as the principal economic power in the region has shifted to the Four Asian Tiger economies and more recently, China, which became world's second largest economy in 2010.[100] Furthermore, a 2012 report by The Economist noted that South Korea is expected to overtake Japan in terms of GDP per person at power purchasing parity by 2017, a feat already accomplished by Macau (2010), Taiwan (2010), Hong Kong (1997), and Singapore (1993).[101]
The World Bank's April 2024 update indicates a slowdown in East Asia's overall growth rate, decreasing to 4.5% in 2024 from 5.1% in 2023, with China's growth also declining to 4.5% from 5.2%. This cooling of economic momentum, which reflects a broader regional trend including a significant drop in growth for Pacific Island countries to 3.6% from 5.6%, highlights challenges in maintaining the high growth rates that have characterized this region. Additionally, rising corporate debt, which has increased by more than 40 percentage points of GDP since 2010 in China and Vietnam, along with high household debt levels in China, Malaysia, and Thailand, pose financial risks that could dampen consumer spending and investment growth. In response to these economic conditions and to manage comparatively lower inflation rates, East Asian countries have adjusted their fiscal policies to maintain a neutral or positive structural balance and have raised policy interest rates, demonstrating a proactive approach to ensure economic stability.[102][103]
Taiwan
In 1960, Taiwan was a recipient of foreign aid and had a GDP per capita and human development index comparable among the least developed countries such as
Japan
East Asia became an area of early modern economic power starting with the
In 1853, an American fleet led by US Commodore Matthew C. Perry appeared off the Japanese coast. Faced with the threat of invasion, Japan was forced to cast aside global isolation, and opened up to Western trade. Emperor Meiji stressed his zeal for modernization through the development of industry and modern technology by abolishing feudalism in the late 1860s. With a national conviction to not be overtaken by the Western World, Japan launched itself into a drive to industrialize and modernize at a fast pace, established itself as the first modern East Asian power. The Meiji government endeavored to assimilate Western ideas and philosophies, science and technological advances and ways of military warfare integrated with their traditional Japanese philosophies to suit its growing needs for modernization. As the Meiji Era began, the new Japanese national leadership systematically ended feudalism and transformed the archipelago from an underdeveloped feudal samurai state into East Asia's first industrialized nation that closely rivaled the Western colonial powers during the latter half of the nineteenth century.[110][111] Economic reforms included a unified modern currency based on the yen, banking, commercial and tax laws, stock exchanges, and a communications network.[112] Establishment of a modern institutional framework conducive to an advanced capitalist economy took time, but was completed by the 1890s. To promote industrialization, the government decided that, while it should help private business to allocate resources and to plan, the private sector was best equipped to stimulate economic growth. The greatest role of government was to help provide the economic conditions in which business could flourish. The Meiji period saw the new government pour its economic resources into industry and modern technology. As the Meiji government emerged as the chief promoter of private enterprise, enacting a series of pro-business policies, it poured venture capital into many private businesses focused on modern technology, but many of these failed to take off and were sold at a loss to bidding businessmen but the power of the great zaibatsu business conglomerates such as Mitsui and Mitsubishi would eventually become global household names.[110] From the onset, the Meiji rulers embraced the concept of a free market economy and adopted British and North American forms of free market capitalism. Once the initial losses were written off, many of the remaining businesses became profitable. Legal frameworks were established, and export and banking industries soon took hold to funnel venture capital towards financing modern trade and industry.[110][112] The political judiciousness of the Meiji leaders galvanized Japan's position in the Orient as East Asia's greatest power sustaining a powerful military that defeated the stagnant Chinese Qing dynasty during the First Sino-Japanese War as well as vanquishing imperial rival Russia in 1905, the first major military victory in the modern era of an East Asian power over a European one.[110][111][113] In 1910, Japan made territorial acquisitions by annexing Korea and parts of Manchuria establishing itself as a maritime colonial power in East Asia.[113] Advanced modern high-technology was introduced from the West, thus bringing about improvement to Japan's agriculture and handicrafts. The industrial revolution in Japan first appeared in textiles, including cotton and especially silk, which was based in home workshops in rural areas. By the 1890s, Japanese textiles dominated the domestic market and competed successfully with British products in China and India, as well. Japanese shippers were competing with European traders to carry these goods across Asia and Europe. By improving the quality of textile making equipment to both upgrade the quality and quantity of silk, Japan became the world's largest exporter of silk in 1909.[114] After the first twenty years of the Meiji period, the industrial economy expanded rapidly until about 1920 with inputs of advanced Western technology and large private investments poured into modernizing heavy industry. The Meiji government also modernized its infrastructure by establishing railway and shipping lines, telegraph and telephone systems, shipyards, mines, and inaugurated a land reform program to prepare the country for further development.[115] In addition, Japan also mobilized a highly educated population, where its industrial manufacturing sector grew significantly. Integrating the Western ideal of capitalism into the development of modern science and technology and applying it to private business and military enhancing capabilities catapulted Japan into the forefront of military and economic dynamism by the beginning of the 20th century.[115][53]
Japan emerged from
In the 1960s, Japan's image for pushing poor quality products was very much undeserved but improving nonetheless. Surprisingly, Japanese products competed successfully with its American and European counterparts both in terms of quality and pricing.[117] The island nation also maintained an artificially low currency to increase its exports in order to maintain a competitive edge in the world markets. By the 1980s, Japan's initial image for exporting shoddy and low quality products began to change dramatically.[117] The resale of its cars would begin to spike upwards, its GDP per capita passed that of the United States while propelling the island country into the world's second largest economy. The U.S. government was growing wary of Japan's artificially low currency and would begin force it up but Japan would aggressively cut interest rates which sputtered growth. Despite bubbles culminating with a series of stock and real estate market crashes, the post-war miracle had transformed the island archipelago into the industrialized nation with a thriving middle class that it is today.[117]
South Korea
Following the
China
By the mid- to late 19th century, China began losing its global economic edge as the European colonial powers and Japan were rapidly modernizing and industrializing.
From 1820 to 1950, China experienced a precipitous economic decline that it would not recover until its meteoric rise in 1978 with its per capita GDP income of US$154 in 1978 rising to US$6060 in 2012 while averaging an annual GDP growth rate of 9.3 percent from 1978 to 2003.
Hong Kong and Macau
In the early 1960s, the
Policy
Among the major policy choices commonly adopted in East Asia, and noticeably less so elsewhere in the developing world are openness to foreign trade, significant levels of government savings and an emphasis on education for both boys and girls. While these attributes were far from universally applied, they are conspicuously present in the region to a much larger degree than is the case elsewhere.[142]
See also
- 1997 Asian Financial Crisis
- Economic integration
- Economy of Hong Kong
- Economy of Japan
- Economy of Macau
- Economy of China
- Economy of Mongolia
- Economy of North Korea
- Economy of South Korea
- Economy of Taiwan
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